喜訊 | 經(jīng)管學(xué)院胡中琛教授論文獲頒The Review of Financial Studies最佳論文獎
日前，香港中文大學(xué)（深圳）經(jīng)管學(xué)院胡中琛教授的研究論文Information Dispersion across Employees and Stock Returns獲金融學(xué)國際頂級期刊The Review of Financial Studies最佳論文獎(Hillcrest Best Paper Award in Behavioral Finance).
The Review of Financial Studies是三大國際頂尖金融學(xué)術(shù)期刊之一，由牛津大學(xué)出版社代表金融研究學(xué)會出版。該期刊用以推動和廣泛傳播金融領(lǐng)域的重要新研究理論，在國際學(xué)術(shù)界被廣泛認(rèn)可與推崇。
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關(guān)于作者
論文共同作者
Ashwini Agrawal：London School of Economics
Isaac Hacamo：Indiana University
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關(guān)于研究論文
Information Dispersion across Employees and Stock Returns
Abstract
Rank-and-file employees are becoming increasingly critical for many firms, yet we know little about how their employment dynamics matter for stock prices. We analyze new data from the individual CV's of public company employees and find that rank-and-file labor flows can be used to predict abnormal stock returns. Accounting data and survey evidence indicate that workers' labor market decisions reflect information about future corporate earnings. Investors, however, do not appear to fully incorporate this information into their earnings expectations. The findings support the hypothesis that rank-and-file employees' entry and exit decisions reveal valuable insights into their employers'? future stock performance.
摘要
普通員工對許多公司來說變得越來越重要，而對于員工就業(yè)動態(tài)對股價影響的情況，我們知之甚少。我們分析了來自上市公司員工個人簡歷的新數(shù)據(jù)，發(fā)現(xiàn)普通勞動力流動可用于預(yù)測股票超額收益率。數(shù)據(jù)和調(diào)查證據(jù)表明，員工的勞動力市場決策反映了雇主企業(yè)未來的盈利信息。然而，投資者似乎并未將這些信息完全納入他們的盈利預(yù)測之中。研究結(jié)果支持了我們的假設(shè)，即普通員工入職與離職的決定對企業(yè)股價走勢有一定的可預(yù)測性。
了解更多
Ashwini Agrawal, Isaac Hacamo, Zhongchen Hu, Information Dispersion across Employees and Stock Returns,?The Review of Financial Studies, Volume 34, Issue 10, October 2021, Pages 4785–4831,?https://doi.org/10.1093/rfs/hhaa105
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文章轉(zhuǎn)自經(jīng)管學(xué)院微信公眾平臺，鏈接為https://mp.weixin.qq.com/s/b8B0Hs86W5vH_21lVWzISQ
